Centralization and Decentralization are the two types of structures, that can be found in the organization, government, management and even in purchasing. Centralization of authority means the power of planning and decision making are exclusively in the hands of top management. It alludes to the concentration of all the powers at the apex level. On the other hand, Decentralization refers to the dissemination of powers by the top management to the middle or low-level management. It is the … [Read more...]
Difference Between Delegation and Decentralization
In an organization, it is not possible for one to solely perform all the tasks and take all the decisions. Due to this, delegation and decentralisation of authority came into existence. Delegation means the passing of authority by one person who is at a superior position to someone else who is subordinate to him. It is the downward assignment of authority, whereby the manager allocates work among subordinates. On the other hand, Decentralization refers to the dispersal of powers by the top … [Read more...]
Difference Between Efficiency and Effectiveness
Efficiency means whatever you produce or perform; it should be done in a perfect way. Although, Effectiveness has a broader approach, which means the extent to which the actual results have been achieved to fulfill the desired outcome i.e. doing accurate things. These are the metric used to gauge the performance of an employee in an organization. Efficiency and Effectiveness are the two words which are most commonly juxtaposed by the people; they are used in place of each other, however they … [Read more...]
Difference Between Logistics and Supply Chain Management
All the activities, associated with the sourcing, procurement, conversion and logistics management, comes under the supply chain management. Above all, it encompasses the coordination and collaboration with the parties like suppliers, intermediaries, distributors and customers. Logistics Management is a small portion of Supply Chain Management that deals with the management of goods in an efficient way. Supply Chain Management, it is a broader term which refers to the connection, right from … [Read more...]
Difference Between Public Sector and Private Sector
Gone are the days, when only the Public Sector was prevalent in the economy. At present, many countries have adopted the policy of Privatisation, through which Private Sector is also gaining importance. For the progress and development of any country, both the sectors must go hand in hand as only one sector cannot lead the country in the path of success. The private sector comprises of business which is owned, managed and controlled by individuals. On the contrary, public sector comprises of … [Read more...]
Difference Between Interest and Dividend
In simple terms, the amount paid for the use of borrowed funds is known as interest. It is the money that is paid at short intervals at a specified rate for the money lent or for postponing the repayment of the financial obligation. It should not be confused with the dividend, which is the amount which a company pays to its shareholders out of its profit. Perhaps, the interest and dividend can be payable or receivable depending upon whether the company owns or owes money. When the funds are … [Read more...]
Difference Between Marginal Costing and Absorption Costing
There are two alternative approaches for the valuation of inventory; they are Marginal Costing and Absorption Costing. In marginal costing, marginal cost is determined by bifurcating fixed cost and variable cost. Only variable costs are charged to operation, whereas the fixed cost are excluded from it and are charged to profit and loss account for the period. Converselty, Absorption costing or otherwise known as full costing, is a costing technique in which all costs, whether fixed or … [Read more...]
Difference Between Tax Avoidance and Tax Evasion
Every assessee wants to escape from paying taxes, which encourages them to use various means to avoid such payment. And when it's about savings if taxes, the two most common practices that can be seen all around the world are tax avoidance and tax evasion. Tax avoidance is an exercise in which the assessee legally tries to defeat the basic intention of the law, by taking advantage of the shortcomings in the legislature. On the contrary, tax evasion is a practice of reducing tax liability … [Read more...]
Difference Between Provision and Reserve
In the business glossary, provision implies money set aside to cover an anticipated liability or loss. Look the other term Reserve, reserves refer to withholding some amount for any use in future. Provision and reserves are two terms which are highly confused, but they carry different meanings. While running a business, some expenses or losses relate to the current financial year, but their amount is not known, as they are not yet incurred. For such expenses/losses provision is created, as a … [Read more...]
Difference Between Money Market and Capital Market
The financial market is a marketplace where investors deal in financial instruments. It provides a vehicle for allocation of savings to investment. It can be grouped as money market and capital market. Both the markets are very important in the financial sector. In the money market, extremely liquid financial instruments are traded, i.e. monetary instruments of short-term nature are dealt. On the contrary, the capital market is for long term securities. It is a market for those securities which … [Read more...]
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